Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 263 - ALLAHABAD HIGH COURTObligation to pay advance tax - Revision of estimate - Levy of penalty - Interpretation of section 273(2)(c) of the Act - Whether there was a reasonable cause in not revising the estimate in the months of September and December, 1981 - Held that:- The assessee had filed an estimate of income on 9.6.1981 showing the advance tax liability at nil - The estimate has not been further revised in the months of September and December, 1981- there was a reasonable cause in not revising the estimate under sub-section (4) of Section 209A of the Act – Decision in the case of Commissioner of Income Tax vs. Sulphur Refinery Pvt. Ltd. [1998 (6) TMI 73 - BOMBAY High Court] followed. on the day when the assessee was obliged to revise the return, the appellant had a bonafide belief of loss inasmuch as the details of the returns for the assessment years 1980-81 and 1981-82 were available. For both the assessment years, the returns of loss were filed, thus, it can be reasonably inferred that the appellant acted bonafidely in not revising the estimate under Section 209A (4) of the Act. - thus, the penalty imposed is set aside – Decided in favour of assessee.
|